News re Aussie Wealth

  1. 328 Posts.
    Hi all,

    Below is a news bulletin from regarding the latest statistics on wealth in Australia.

    Aust wealth up almost 50 pct from middle 1990's, says ABS data
    Source: CANBERRA, Sept 30 AAP
    Published: Monday September 30 2002, 2:45 PM

    Australians were now almost 50 per cent richer than they were in the middle of the 1990s, official data showed today.

    The Australian Bureau of Statistics (ABS) study estimated households increased their wealth by 45 per cent between 1994 and 2000.

    A household's wealth was strongly determined by their income levels and major assets such as the family home and superannuation, the ABS said.

    "Growth in the value of these assets between 1994-2000 led to strong increases in the average wealth of households in middle and older age groups," the ABS said in a statement. advertisement


    The wealthiest 10 per cent of households held around 44 per cent of all wealth, a share roughly stable over the period surveyed, it said.

    Average and median household wealth increased each year as householders aged, peaking in the 55-64 age group, before declining as people retired.

    New South Wales had the highest average wealth in 2000 ($345,400), with average home values considerably higher than in other states.

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